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ID:
110415
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| Publication |
2011.
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| Summary/Abstract |
In order to reduce energy-related CO2 emissions different options have been considered: energy efficiency improvements, structural changes to low carbon or zero carbon fuel/technologies, carbon sequestration, and reduction in energy-service demands (useful energy). While efficiency and technology options have been extensively studied within the context of climate change mitigation, this paper addresses the possible role of price-related energy-service demand reduction. For this analysis, the elastic demand version of the TIAM-UCL global energy system model is used in combination with decomposition analysis. The results of the CO2 emission decomposition indicate that a reduction in energy-service demand can play a limited role, contributing around 5% to global emission reduction in the 21st century. A look at the sectoral level reveals that the demand reduction can play a greater role in selected sectors like transport contributing around 16% at a global level. The societal welfare loss is found to be high when the price elasticity of demand is low.
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| 2 |
ID:
094307
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2010.
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| Summary/Abstract |
The period from 2003 to 2008 was marked by an oil price increase comparable to the two oil price crises in the 1970s. This paper looks in detail at the situation of the oil price crises 30 years ago and compares them along various aspects on the demand and supply side with the recent price increase to identify similarities and differences. While both oil price crises in 1973 and 1979/1980 were ultimately caused by supply actions of members of the Organisation of Petroleum Exporting Countries (OPEC), all three oil price crises were preceded by high demand growth. Other aspects that favoured a high oil price in all three cases were low investments in new oil fields, as a consequence low spare capacity, and a weak US dollar. In addition, the recent oil price surge has been characterised by a high global refinery utilisation and refineries that did not adapt fast enough to the rising demand for lighter oil products. Moreover, broader geopolitical uncertainties, combined with risks associated with the oil trade helped push the oil price into a triple-digit zone. Speculation played only a limited and temporary role in accelerating price movements during the recent price increase.
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| 3 |
ID:
122723
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| Publication |
2013.
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| Summary/Abstract |
Marginal abatement cost (MAC) curves are widely used for the assessment of costs related to CO2 emissions reduction in environmental economics, as well as domestic and international climate policy. Several meta-analyses and model comparisons have previously been performed that aim to identify the causes for the wide range of MAC curves. Most of these concentrate on general equilibrium models with a focus on aspects such as specific model type and technology learning, while other important aspects remain almost unconsidered, including the availability of abatement technologies and level of discount rates. This paper addresses the influence of several key parameters on MAC curves for the United Kingdom and the year 2030. A technology-rich energy system model, UK MARKAL, is used to derive the MAC curves. The results of this study show that MAC curves are robust even to extreme fossil fuel price changes, while uncertainty around the choice of the discount rate, the availability of key abatement technologies and the demand level were singled out as the most important influencing factors. By using a different model type and studying a wider range of influencing factors, this paper contributes to the debate on the sensitivity of MAC curves.
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